The Girls Aloud star, who divorced footballer husband Ashley Cole in 2010, will have the body art changed or completely removed, the Daily Star reports.
"Cheryl has been thinking about getting the tattoo lasered or altered for years but she's told friends she's now ready to actually do it," a supposed insider told the newspaper.
"There's no chance of her getting back with Ashley and she no longer wants the reminder of his cheating ways on her skin."
They added: "She's been looking at ideas and now just needs to decide whether to get it removed or reworked."
Cheryl was previously reported to be considering removing the tattoo in 2010.
The singer and former X Factor judge has repeatedly been rumoured to be planning a reconciliation with Ashley. The Chelsea star was reported to have proposed again to Cheryl last summer.
In October, it was claimed that Ashley told Cheryl that he would not have children with her, even if their alleged reconciliation was made public.
> Cheryl Cole tattoo sitting 'took 11 hours'
> Derek Hough 'doesn't like Cole tattoos'
Watch a Cheryl Cole YouTube interview below: